Brookfield-based Connecture Inc. reported a first quarter net loss of $5.1 million, or 24 cents lost per share, compared with a net loss of $6.6 million, or $41.34 lost per share, in the first quarter of 2014.
The company, which develops web-based information systems used to create health insurance marketplaces, recorded a $3.7 million operating loss, compared with a $5.5 million operating loss in the same period a year ago. Connecture decreased its cash used in operations from $8.3 million in the first quarter of 2014 to $6.3 million in the most recent quarter. Of that, $4.3 million was used in financing activities, including the final repayment of seller financing related to the acquisition of DRX in 2013.
Revenue totaled $20.6 million, up 29 percent from $16.1 million in the first quarter of 2014.
“We are pleased to report a strong start to 2015,” said Doug Schneider, chief executive officer of Connecture. “During the quarter, we continued to win new business, adding new customers and expanding relationships with existing customers. In addition, we achieved record first quarter revenue and bookings levels, driven by growth across all business segments. We are proud of our first quarter results and the continued momentum in our business, and believe that our diversified business model in which we sell to health plans, brokers and exchange operators will help sustain long term growth.”
